Try to revive it on a PC, as mentioned above.
I'd get another 1tb drive RIGHT AWAY, and if it can be revived, I'd copy over all the stuff on the drive.
Suggestion:
If this is a drive that is used only on the Mac, don't use a "PC formatting scheme".
Instead, I recommend a Mac format.
If the drive is to be used for data storage ONLY (NOT bootable or NOT USED as a time machine or other backup), I'd suggest HFS+ ("Mac OS extended, journaling enabled, GUID partition format").
If the drive is used as a backup with time machine, CarbonCopyCloner, or SuperDuper, then use "APFS, GUID partition format".
For a second drive, I'd suggest a Samsung t7 "shield".
Final thought:
If the drive has "lots of important stuff on it", your data IS NOT SAFE so long as it exists on one drive only. It needs to be backed up to at least one other drive.
Otherwise, you could face problems... just as you are facing RIGHT NOW.